STATE BANK EXTENDS CASH BACK BLITZ TO PROMOTE CREDIT CARDS USAGE ON POS

Thesynergyonline Banking Bureau

NEW DELHI , AUG 28 :
STATE Bank Group launched cash back campaign for promoting usage of Debit Cards on POS on July 1 , 2008 for two months. Considering the overwhelming response from the debit card holders, the bank has decided to extend the offer period by another month – upto September 30, 2008 .

Besides cash withdrawals and other utilities like fund transfer, donations, mobile top up, payment of fees, etc., State Bank customers can also use their debit cards to pay for purchases, restaurant bills, hotel bills, airline tickets, etc.

Using debit cards for payment for goods and services is easier than writing cheques and safer than carrying cash. Unlike a credit card, debit cards allow users greater control over their expenses with no chance of overspending. There is no fear of penalty and interest charges for late payment.

The State Bank Debit Card holders through out the country can avail the offer on the POS transactions made from 1st July to 30th September 2008 . The customers will get cash back as under:-

Cash back on transactions (other than on ATM withdrawals and Internet transactions) will be credited to customers’ accounts within 4-6 weeks of the end of the Campaign.

The maximum amount of cash back during the entire period of offer (July to September 30 , 2008) will be Rs.1000 per debit card. (npsinha@thesynergyonline.com)

ICICI BANK HOLDS SME EXPO - LOGISTICS AND MATERIAL HANDLING 2008

Thesynergyonline Banking Bureau

MUMBAI,AUG 27 :
ICICI Bank, is presenting the SME Expo - Logistics & Material Handling 2008 commencing from August 28 to 30, 2008 . SME Expo Logistics & Material Handling 2008 is a platform for Small & Medium Enterprises to explore business opportunities and network with the stakeholders within and outside the logistics industry.

As the business environment starts demanding improved servicing standards, seamless & quick cycle time has become the key factor for business success which highlights the critical role of the logistics industry, making it an important part of the global business economic system and like most industries in India , the logistics industry is also dominated by SMEs.

The SME Expo aims to bring together eminent personalities from the industry to discuss important issues facing the industry and share best practices and the future industry scenario. Several related segments like Commercial Vehicles, Ancillary manufacturers, 3PL/4PL solution providers, Transportation/Fleet Owners, Freight Forwarders, Express Services & over 15 different segments across the Logistics industry are participating by way of taking up stalls, as business visitors or delegates to the conference.

As part of Expo, there will be a concurrent conference ‘Bringing Value To The Changing Indian Landscape’ held on the first two days i.e. August 28-29, 2008 which will see the decision makers of India’s leading companies in the Logistics sector sharing their knowledge & expertise through panel discussions, case studies & industry presentations.

The event has attracted support of all major industry associations in the logistics space – Chennai Goods Transporters Association (CGTA), Express Industry council Of India (EICI), Indian National Shipowners Association (INSA), Association of Multimodal Transport Operators of India (AMTOI), Federation of Freight Forwarders Association of India (FFFAI) and several other influential trade bodies who have pledged their support to this industry initiative. Global consulting major Deloitte is the Knowledge Partner, DELL is the Technology Partner and Tata Telecommunications is the Telecom Partner for the event.

Some of the big names in the logistics & material handling industry and related sectors – Piaggio, VRL Logistics, Godrej & Boyce, First Flight Couriers, Ashok Leyland, ACE, etc are some of the exhibitors.

Mr Sudhir Rangnekar Event Chairman and MD & Group CEO – SICAL Logistics, said “Worldwide, logistics constitutes about $ 4 trillion a year. For any country, the logistics cost is estimated between 9 and 15 per cent of its GDP. The logistics market in India is estimated to be about $ 104 billion and constitutes 13 per cent of the GDP. Such initiatives should be supported by industry as it helps focus attention on pressing needs of the industry.”

Sharing his thoughts at the event, Mr N R Narayanan, General Manager & Head – Vehicle Financing - ICICI Bank said, “About 10-12 per cent of product costs in manufacturing is logistics related. The impact of good logistics solution can be highlighted by the fact that a reduction in logistics costs by one percentage point will mean a saving of $4.8 billion or Rs. 21,600 crores annually. It is insights such as these along with the platform to interact with the industry that we look forward to share with the SMEs in this industry."

" bank has various initiatives in the SME space, which cater to the larger objective of building the SME community in India . Towards this we have several industry recognized initiatives like Emerging India Awards, SME Toolkit, SME Dialogue and the SME Expo series is a continuation of our commitment to grow the SME space in India ," he added.

Presenting the roadmap for the logistics industry, Mr.Hemant Bhattbhatt, Senior Director, Deloitte, said “The Logistics industry is on the growth path & will need to provide creative solutions to support the booming national economy. As Knowledge Partner, Deloitte will bring its global industry expertise through the Conference Paper to be released jointly with ICICI Bank at the event.”

The event is being held at Chennai Trade Centre, Chennai, on August 28 – 30, 2008 . (npsinha@thesynergyonline.com)

IDBI REVISES INTERST RATES ON TERM DEPOSITS

Thesynergyonline Banking Bureau

NEW DELHI, AUG 26 :
IDBI Bank has revised upward the interest rates on its term deposits and realigned the maturity buckets with effect from August 25, 2008 as hereunder :

PNB SIGNS MOU WITH MITCON FOR CARBON CREDIT FINANCE

Thesynergyonline Banking Bureau

Mr J.M.Garg, ED PNB (right) and Dr. Pradeep Bavadekar, MD MITCON (left) exchanging MoU documents for carbon credit finance.

NEW DELHI, AUG 23 :
PUNJAB National Bank (PNB) has entered into a MoU with MITCON Consultancy Services (MITCON) for co-operation in the area of carbon credit financing. Mri J.M. Garg, Executive Director, Punjab National Bank and Dr. Pradeep Bavadekar, Managing Director, MITCON Consultancy Services signed the MoU here.

As a corporate citizen, the bank recognises its responsibility to the environment and as a step towards entering into carbon credit financing in reducing greenhouse gas emissions into the atmosphere responsible for global warming.

Carbon credits or certified emissions reductions are "certificates" issued by CDM Executive Board to projects in developing countries to certify that they have reduced green house gas emissions by one tonne of carbon dioxide per year. These carbon credits are purchased by developed countries to achieve their targets under the Kyoto Protocol.

'Kyoto Protocol' is an international agreement linked to the United Nations Framework Convention on Climate Change. The Kyoto Protocol was adopted in Kyoto, Japan on 11 December 1997 and came into force on 16 February 2005. 182 Parties of the Convention have ratified the Protocol to date. It sets binding targets on developed countries for reducing greenhouse gas (GHG) emissions by 5.2% to below 1990 level by 2012.

Under the MoU, Punjab National Bank and MITCON would co-operate, work together for generating the business for services related to carbon credit business.

While MITCON will provide services related to identification of project, registration of the project with Clean Development Mechanism (CDM) Executive Board and recurring verifications, Punjab National Bank will provide banking related services. The MoU between Punjab National Bank and MITCON Consultancy Services would assist in tapping the carbon credit business. (npsinha@thesynergyonline.com)

PNB HOUSING FINANCE PAYS 20% DIVIDEND FOR 2007-08

Thesynergyonline Banking Buruea

NEW DELHI, AUG 21 :
PNB Housing Finance , a wholly- owned subsidiary of Punjab National Bank at its Annual General Meeting on Wednesday declared a 20 per cent dividend on its equity shares (including 10 per cent interim dividend) for the year 2007-08.

The board also approved the results for the first quarter (April-June 08). During the first quarter, the company has achieved 26 per cent growth total income (Rs. 63.42 crore) 54 per cent growth in operating profit (Rs. 19.14 crore) and 28 per cent in net profits after tax (Rs. 10.44 crore).

Mr G K Sawhney, the Mananging Director of the company informed that during the first quarter, the company has sanctioned fresh loans of Rs. 144 crore.

The company is looking at higher business volume in the coming months. The company is entering into tie-ups for promoting individual loans from various Builders across the country. The company has also drawn up expansion plan and is looking at capital infusion.(npsinha@thesynergyonline.com)

PNB EXPANDS ARM , ZEROES IN ON EDUCATION LOAN

Thesynergyonline Banking Bureau

Dr. K.C. Chakrabarty, CMD PNB alongwith Dr. BB singh, ex-member of Higher Education Commission, UP Govt. and Mr SS Bhatia, Circle Head, Circle Office, Meerut handing over Education Loan sanction letters to meritorious students.

NEW DELHI, AUG 20 : AS part of strategy to expand customer base Punjab National Bank (PNB) has identified education loan as the thrust area keeping in view that no meritorious student should be denied the opportunity for pursuing higher studies for monetary reasons, said Dr K.C. Chakrabarty, Chairman and Managing Director, while inaugurating Vasundhara (Ghaziabad) branch of the bank.

Dr. Chakrabarty, alongwith Dr. BB Singh, ex-member of Higher Education Commission, UP Govt. and ex-Principal, MMH Degree College, Ghaziabad handed over Education Loan sanction letters to the students at a function.

Speaking on the occasion Dr. Chakrabarty informed that bank is accepting education loan applications on-line bank's education loan portfolio as on June 2008 was 1187 crore which grew by 62 per cent from 731 crore in June 2007.

Meerut and Ghaziabad have emerged as an education hub mainly on account of its proximity to Delhi. The bank has financed 17 Educational institutions in these 2 districts and 522 meritorious students have been sanctioned a total of Rs.17.68 crore as education loan since July 1, 2008 in the three districts , that is , Meerut, Baghpat and Ghaziabad alone.

The bank has declared year 2008 as 'Year of Financial Inclusion' for providing banking facilities, at a fair cost, to a vast majority of low income population which is deprived of these facilities.

The bank has opened 7.98 lakh "No Frill" accounts with an outstanding balance of Rs 151 crore. Overdraft facility has also been extended in 7,751 accounts. The bank has also issued 26,793 General Credit Cards amounting to Rs 48.6 crore. The bank plans to launch 27 pilot projects (20 rural and 7 urban) out of which 8 have already been launched.

Dr. Chakrabarty said that the constant support of its customers has led the bank's business to grow to more than Rs 2.87 lakh crore. The bank with more than 113 years of service the bank has a network of 79 branches in Meerut, Baghpat and Ghaziabad. Out of these 30 branches are in rural/semi-urban areas. Hundred per cent business of these branches is through CBS. The bank will soon open an exclusive high tech financial inclusion branch in Ghaziabad at Dunda Hera. The bank has launched a special drive in the area for financing the lowest segment of society. Ther bank aims at financing around 3000 to 5000 rickshaw pullers by formulating a special scheme based on local considerations.(npsinha@thesynergyonline.com)

ICICI BANK SIGNS MoU WITH EX-IM BANK FOR US$250 MILLION

Thesynergyonline Banking Bureau

L to R: Mr. Ray Ellis, Vice President and Manager of Ex-Im Bank's Strategic Initiatives Division and Mr. Sonjoy Chatterjee, Executive Director, Member of ICICI Bank's board responsible for Corporate Banking and International Banking) signing a memorandum of understanding in Mumbai on Tuesday for US$ 250 million to work together for financing the capital goods imports of Indian corporates from the USA.

NEW DELHI, AUG 20 :
ICICI Bank , India's second largest Bank, and The Export-Import Bank of the United States (Ex-Im Bank) have signed a memorandum of understanding (MoU) for US$ 250 million to work together for financing the capital goods imports of Indian corporates from USA.

This understanding is an extension on the Indian infrastructure facility of
Ex-Im Bank. According to the understanding , Ex-Im Bank will provide credit support to international banks for financing of capital goods imports by Indian
corporates.

This MoU will particularly benefit companies in sectors such as power, transportation, airports, oil and gas and renewable energy.

The MoU was signed by Mr. Ray Ellis, Vice President and Manager of Ex-Im Bank's Strategic Initiatives Division and Mr. Sonjoy Chatterjee, Executive
Director, Member of ICICI Bank's board (responsible for Corporate
banking and International Banking).

On the signing of MOU, Sonjoy Chatterjee said, "There is a large pipeline of
infrastructure projects in the country. We are here to partner our customers and offer structured solutions to finance this growth. The MoU with Ex-Im Bank will play a key role in this regard."

"We have recognized that India's infrastructure needs over the next 10 years
are enormous. Ex-Im Bank's Indian Infrastructure Facility with ICICI Bank's participation will provide key support to U.S. companies to help meet these needs.(npsinha@thesynergyonline.com)

PNB ATTUNES TO COMMONMAN'S FINANCIAL NEEDS ; OPENS 212TH BRANCH IN CAPITAL

Thesynergyonline Banking Bureau

NEW DELHI, AUG 17 :
DR KC Chakrabarty, Chairman & Managing Director of Punjab National Bank inaugurated 212th branch of Delhi Circle at Ghazipur, Delhi. Mr Nasheeb Singh, MLA, RK Dubey, General Manager, Delhi Circle and other top executives of the bank graced the occasion.

Speaking on the occasion Dr. KC Chakrabarty, CMD, PNB informed that the objective of the branch is to meet the common man’s financial requirements, which include credit, apart from general banking needs.

The major focus of the branch shall be to provide basic banking needs viz. Savings accounts and Credit either singly or under group approach with a motive to enhance income levels of poor population of this locality and nearby areas.

He, further added that, with opening of this branch, large number of residents of this locality and nearby areas shall be able to access banking facilities from this branch. Branch has rare distinction of opening over 7000 ‘no-frill’ accounts before its formal launch.

The launch of this branch shall enable a large number of people; most of them are financially excluded therefore, to have banking facilities at virtually no cost and that too at their door-step. This will lead to increased economic activity in the area.

Today, bank has taken a step forward to fulfill the dream of Govt. of India of Financial Inclusion of every Indian irrespective of fact whether he/ she live in rural or urban area.

In his welcome address, Mr RK Dubey, General Manager, Delhi Circle highlighted various achievements of Delhi Circle especially in reaching out to the masses of Delhi & NCR with banking facilities laying stress on helping students by giving education loans in a big way.

Mr Nasheeb Singh lauded bank’s management and staff members on the opening of the branch in Ghazipur and extended support in bringing the masses of the area to the branch for their banking requirements. (npsinha@thesynergyonline.com)